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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 12 years, the highest Beneish M-Score of Pampa Energia SA was 1.27. The lowest was -5.67. And the median was -2.82.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.6701||+||0.528 * 0.3709||+||0.404 * 1.3834||+||0.892 * 1.1912||+||0.115 * 0.6714|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9543||+||4.679 * -0.1252||-||0.327 * 1.0001|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $201.6 Mil.|
Revenue was 285.563201863 + 289.422760887 + 138.909217338 + 202.642544909 = $916.5 Mil.
Gross Profit was 6.83319638455 + 64.9019446727 + -6.46102140153 + 3.57806068728 = $68.9 Mil.
Total Current Assets was $613.9 Mil.
Total Assets was $2,327.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,133.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $75.9 Mil.
Selling, General & Admin. Expense(SGA) was $242.2 Mil.
Total Current Liabilities was $852.3 Mil.
Long-Term Debt was $485.1 Mil.
Net Income was -45.7716379074 + 41.6049027664 + 159.298385228 + 4.28288822948 = $159.4 Mil.
Non Operating Income was -11.9175568337 + 27.655847713 + 113.126168585 + -16.9696776321 = $111.9 Mil.
Cash Flow from Operations was 89.0213640099 + 11.8792796494 + 124.315923665 + 113.643470215 = $338.9 Mil.
|Accounts Receivable was $252.5 Mil.
Revenue was 192.255543939 + 190.257831899 + 194.362062917 + 192.576077919 = $769.5 Mil.
Gross Profit was -0.509547130358 + 13.9011531004 + 2.46988656298 + 5.5790473928 = $21.4 Mil.
Total Current Assets was $650.9 Mil.
Total Assets was $2,280.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,218.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.6 Mil.
Selling, General & Admin. Expense(SGA) was $213.1 Mil.
Total Current Liabilities was $869.9 Mil.
Long-Term Debt was $440.5 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(201.577307587 / 916.537724997)||/||(252.528916525 / 769.451516673)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(21.4405399259 / 769.451516673)||/||(68.852180343 / 916.537724997)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (613.912558203 + 1133.20562859) / 2327.05998357)||/||(1 - (650.916744621 + 1218.68398173) / 2280.41281021)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(53.6285280251 / (53.6285280251 + 1218.68398173))||/||(75.9030555236 / (75.9030555236 + 1133.20562859))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(242.199838275 / 916.537724997)||/||(213.070828249 / 769.451516673)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((485.056080526 + 852.287250068) / 2327.05998357)||/||((440.523413856 + 869.936169042) / 2280.41281021)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(159.414538316 - 111.894781832||-||338.860037539)||/||2327.05998357|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -3.41 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data